- Cartier Resources Inc. (ECR) has announced the closing of a share purchase agreement with O3 Mining Inc
- The agreement empowers Cartier to acquire all of the issued and outstanding shares of Chalice Gold Mines (Quebec)
- Chalice Gold Mines owns a 100 per cent interest in the East Cadillac property contiguous with Cartier’s Chimo Mine property in the Val-d’Or Gold Camp, Quebec
- The purchase price paid by Cartier to O3 Mining for the acquisition of Chalice Gold Mines is 46,273,265 common shares of Cartier
- Cartier Resources Inc. is an exploration company based in Val-d’Or
- Shares of Cartier Resources Inc. (ECR) are down 3.49 per cent, trading at $0.14 at 2:30 PM ET
Cartier Resources (ECR) has closed a share purchase agreement with O3 Mining Inc.
Under the agreement, Cartier will acquire all of the issued and outstanding shares of Chalice Gold Mines (Quebec).
Chalice Gold Mines owns a 100 per cent interest in the East Cadillac property contiguous with Cartier’s Chimo Mine property in the Val-d’Or Gold Camp, Quebec.
The purchase price paid by Cartier to O3 Mining for the acquisition is 46,273,265 common shares of Cartier, representing approximately 17.5 per cent of the pro forma outstanding common shares of Cartier upon the closing of the transaction.
The shares issued under the transaction are subject to a four-month hold period expiring on August 22, 2022.
“This acquisition propels Cartier to an enviable status with a larger resource base and substantial growth potential,” said Philippe Cloutier, CEO of Cartier.
“Our new drill program will focus on finding additional ounces immediately adjacent to the infrastructure and gold resources of the Chimo Mine and proximal Nordeau West deposit,” he added.
According to the unaudited and not reviewed financial statements, the balance sheet of Chalice Gold Mines reports total liabilities of $1,557,679.
The liabilities consist exclusively of deferred and mining tax liabilities related to exploration expenditures incurred with flow-through shares financing which created an accounting deferred tax.
The total assets are $15,220,471 and mainly consist of $14,313,627 of mining property and exploration assets.
Cartier and O3 Mining have entered into an investor rights agreement that entitles O3 Mining to designate one director for appointment to the board of directors of Cartier.
Cartier Resources Inc. is an exploration company based in Val-d’Or.
Shares of Cartier Resources Inc. (ECR) are down 3.49 per cent, trading at $0.14 at 2:30 PM ET.
